Happy Tuesday everyone!

Dubai's property market continues its remarkable momentum as Abbas Sajwani breathes new life into a decade-old ghost tower, selling 95% of units for $600 million. Meanwhile, Abu Dhabi strengthens its position as a regional financial hub with Bank of Palestine securing a full banking license, a historic first for the 65-year-old institution targeting global Palestinian communities. And in AI infrastructure, Saudi Arabia's early bet on inference technology gets validated as Nvidia commits up to $20 billion to Groq, vindicating HUMAIN CEO Tareq Amin's strategic vision from his Aramco Digital days.

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Markets

Hussain Sajwani’s Son to Revive Dubai’s Long Vacant ‘Big Ben’ Tower

What’s it About?

Abbas Sajwani, 26-year-old son of billionaire developer Hussain Sajwani, purchased Dubai's vacant "Big Ben" tower for $120 million last year through his firm AHS Properties. The building, which sat empty for a decade after its previous owner defaulted on loans to Commercial Bank of Dubai, is undergoing refurbishment with completion expected by end-2026. Approximately 95% of units have sold for roughly $600 million.

Why it Matters?

The tower's revival highlights Dubai's booming commercial property market, where Grade A office occupancy hit 95.5% in Q3. The Dubai International Financial Centre hosts over 100 hedge funds and 500 wealth managers, attracted by tax-free income and strategic positioning between Asian and European markets. Authorities are constructing new towers to meet surging demand from global financial firms and wealthy individuals.

What’s Next?

AHS Properties, established in 2021, is negotiating with banks to raise approximately $300 million through sukuk bonds. The funds will finance land acquisitions and new developments, expanding the firm's portfolio beyond high-end residential projects into Dubai's tight commercial market.

Bank Of Palestine Secures Abu Dhabi Banking License For Global Expansion

What’s it About?

Bank of Palestine received in-principle approval from ADGM's Financial Services Regulatory Authority for a Category 1 banking license. The authorization permits accepting deposits and arranging investment deals targeting the global Palestinian community. Linda Tarazi, with over 20 years of international banking experience, will lead the new entity as CEO.

Why it Matters?

This marks Bank of Palestine's first full banking license outside Palestine after 65 years of operation. The move enables global operations from Abu Dhabi's international financial hub, diversifying beyond the bank's existing representative offices in Dubai and Cairo while maintaining its strong SME financing and financial inclusion track record.

What’s Next?

Bank of Palestine – Global Ltd. will become fully operational in the second half of 2026, offering seamless digital banking and wealth management services globally. The expansion leverages ADGM's robust regulatory framework and positions the bank to serve Palestinian communities worldwide from one of the region's most dynamic financial centers.

HUMAIN CEO Validates Nvidia-Groq Deal As Vindication Of Early Inference Bet

What’s it About?

What It Is: Tareq Amin, CEO of Saudi Arabia's state-backed AI company HUMAIN, describes Nvidia's reported $20 billion licensing deal with Groq as validation of his early strategic conviction. "The real commercial opportunity in AI would not be won by training alone, but by inference - where AI actually runs in production, at scale, and where revenue is realized," Amin stated in a LinkedIn post. During his tenure at Aramco Digital, Amin backed Groq alongside Prosperity7, Aramco's venture arm, believing "purpose-built architectures for deterministic, ultra-fast inference would define the next phase of AI deployment." Nvidia announced hiring Groq founder Jonathan Ross and president Sunny Madra while licensing the startup's inference technology.

Why it Matters?

Amin argues the deal represents a fundamental shift in AI infrastructure priorities: "Latency, throughput, and cost per token are not technical details, they directly define customer experience, unit economics, and the ability to deploy AI broadly." He characterizes the move as "a powerful validation" showing "the world's leading AI compute platform is now explicitly embracing high-performance inference as a core pillar of its future stack." Saudi Arabia has emerged as a major player in AI inference infrastructure, with Groq building the region's largest inference cluster in Dammam and securing $1.5 billion in Saudi investment. HUMAIN, launched in May 2025 under Crown Prince Mohammed bin Salman, has deployed over $23 billion across AI partnerships.

What’s Next?

Amin concludes that the milestone "reinforces what we believed early on: speed at inference is no longer optional; it is the backbone of the AI economy." Approximately 90% of Groq employees will join Nvidia with vested shares paid in cash, while the startup continues operating independently under new CEO Simon Edwards. The licensing structure, similar to recent deals by Meta, Google and Microsoft, allows tech giants to acquire talent and technology while potentially avoiding lengthy antitrust reviews, with analysts suggesting it positions Nvidia to capture greater market share in rapidly expanding AI inference applications.

🦄 World of Startups

• MoneyHash and WalaOne Partner to Streamline Loyalty Integration in Saudi Arabia

• Abu Dhabi Partners with Primavera Capital to Boost Global Investment Hub Status

• Abu Dhabi Partners with SIEF to Boost Cross-Regional Investment Opportunities

• SPARK Expands Global Reach with Russia–UAE Innovation Pact

• Fawry Launches Holding Company to Power Expansion in Egypt’s Fintech Sector

• HSBC and Presight Forge AI Partnership to Revolutionise Banking in UAE

👨‍💻From Smashi Business’ Desk

• Dreamers: From Warehouses to Culture Capital, Abdelmonem Bin Eisa Alserkal saw promise where others saw empty warehouses.

• Exclusive: Meet the Syrian brothers behind Thaura.AI, an ethical AI platform that refuses to train on user data.

• Dubai-based football club Dragon City FC has announced the removal of club president Sergey Kundik, sharing a post labelled “CONTRACT TERMINATED” and stating he was dismissed due to “actions not aligned with our standards.”

• Meet Fatma and Annei Ali, the British sisters behind Curls Fusion, a Dubai-based e-commerce platform

🔍In other news…

• Saudi unemployment eases to 3.4% in Q3: GASTAT

• Jordan’s exports to EU increase by 46%

• Ma’aden forms JV with Hancock for mineral exploration across Saudi Arabia 

• Egypt creates investor incentives to court GCC capital

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